It all starts with HELOCs “Obviously the first solution to that would be home equity lines of credit,” he said. “Our first step into HELOCs is actually a very exciting one because we’ve partnered with a technology company to bring a really fast and convenient solution to consumers.” To that end, the lender is offering HELOCS to guarantee access to funds within five days — a far cry from the time offered by legacy lenders, he noted. What’s more, he said, the process also comes at a better cost than getting a personal loan. Given these benefits, he added, TLS is training brokers who might not normally do a lot of HELOCs on how to sell them to increase volume. “Obviously, the quickest way for a consumer to get money is to take out a personal loan, and they’ll pay a premium for that,” said Pendleton. Hillock is in the middle. It’s more efficient and less expensive than a personal loan.” He said the automated, technology-backed method beats traditional approaches in terms of personal experience. “I can tell you, being a consumer who built a home two years ago and accessed a traditional home equity line through a bank,” he emphasized. “This process took 95 days, three evaluations, and it wasn’t fun.” He explained the benefits of the product to loan originators: “If an originator is sending out a traditional HELOC, they have to collect a lot of documentation and basically do a full underwriting,” he said, comparing it to the TLS model that’s heavy on automated evaluation. That’s why it’s so fast,” he said. “It also makes it a light lift for the builder. The creator doesn’t have to pay the wizard, they get more compensation for their efforts, and they don’t have to waste the time and energy that a normal back and forth process would require.” It essentially offers an interest-free line of credit to take advantage of that equity as a down payment on a new home without having to sell their existing home as a term to buy a new one.TLS is the only wholesale lender to offer the product, which will expand to 38 states, by the third quarter, markets, Pendleton said. The current seven where it is made available.